Warren Buffett：Berkshire 1981 Letter, Excerpt 4

We know that this translation of non-controlled ownership earnings into corresponding realized and unrealized capital gains for Berkshire will be extremely irregular as to time of occurrence. While market values track business values quite well over long periods, in any given year the relationship can gyrate capriciously. Market recognition of retained earnings also will be unevenly realized among companies. It will be disappointingly low or negative in cases where earnings are employed non- productively, and far greater than dollar-for-dollar of retained earnings in cases of companies that achieve high returns with their augmented capital. Overall, if a group of non-controlled companies is selected with reasonable skill, the group result should be quite satisfactory.

Source： https://www.berkshirehathaway.com/letters/1981.html
Locator：1981 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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